Appetite for risk is being fueled by the Fed, BOJ and EU support for Greece. Even Standard and Poor’s has given Greece’s austerity budget cuts their stamp of approval. Before, that ‘sign of approval’ would have been a ‘big’ market mover, but, rating agencies beleaguered reputations do not seem to carry the same weight nowadays. Perhaps, it’s the Goldman Sachs influence! Bernanke’s communiqué is leaning towards being small ‘dovish’ in tone. The reinserting of ‘whatever it takes to stem the [...] read more
EU officials throw Greece a small life preserver
Bank of Japan
The Bank of Japan was established in 1882 as the nation's central bank under the Bank of Japan Act. It was reorganized during wartime ("The Act of 1942") so that "the general economic activities of the nation might adequately be enhanced." The Act of 1942 was amended several times after World War II, including a change in 1949 to establish the Policy Board as the Bank's highest decision-making body.
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